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Quebec City–based Kaleido Growth Inc. announced on Wednesday it is increasing the administration fees for its scholarship plans.

Effective July 1, admin fees for Kaleido’s Reflex, Individual and Universitas plans will increase to 1.35% from 1.18%, bringing the plans’ total management expense ratios (MERs) to approximately 2.55%.

In a release, Kaleido said the new MER is comparable to other products with guaranteed capital.

“The adjustment is equivalent to $1.70 per $1,000 of assets and comes after nearly 10 years without an increase,” Isabelle Grenier, president and CEO of Kaleido, said in the release.

Kaleido offers scholarship plans in Quebec and New Brunswick. The Kaleido Foundation has $1.8 billion in assets under management on behalf of more than 227,000 young people.